Morgan Stanley's Ethereum ETP Launch Sparks Price Volatility
Ethereum's price has pulled back from its intraday high of $1,926.52 to $1,898.91 on July 29, down 1.09%, following Morgan Stanley's launch of regulated Ethereum ETPs.
The cryptocurrency is currently trading between the 0.382 Fibonacci level at $1,837 and the descending trendline from May's peak, which sits above the 100-day EMA at $1,931 and the 20-day EMA at $1,865.
Analyst Merlijn The Trader believes that the June breakdown to $1,520 was a deliberate manipulation leg designed to clear out buyers who had accumulated in the $1,745 to $2,500 range over four months. He predicts that the current phase is the beginning of an expansion rather than another breakdown.
However, Ali Charts flags one more dip toward the range low as likely before the real move begins and sets a clear invalidation: a weekly close below $1,550 would prove Merlijn wrong.